I’ll be the first to admit, Mrs. FiredUp and I have worked our butts off to get to the blessed life we enjoy today. However, we’ve blended this hard work with strategies that leverage the efforts of others and systems to steadily increase our net worth. In some circles this can be referred to as Passive Income, but for us there’s more to it.
We feel that it is important to surround yourself with people you can rely on, people you can trust, people that are experts in their field, to put in place a system that is highly repeatable, doing something you love. When you can combine all of these variables together, you are leveraging the efforts of others to build wealth, by doing what you love.
If you have not gathered this from my other blog posts, I’d like to repeat that I really, really like real estate. There are so many ways to make money in real estate. I truly believe there’s a way for virtually anyone to make money in real estate. Don’t take it for granted, there’s also a lot of ways to lose your money in real estate. I need to work with a great real estate agent/broker who is a rock star, the best there is in their market. That real estate professional is someone that values a life long relationship, who understands what I am trying to accomplish, who realizes that I will come back to them time and time again to make more money together with me as both a buyer and seller. They will know that when I call them, I need help and I will always respect their time. Granted, those real estate rock stars are sometimes hard to find and the chemistry is as important as the knowledge and expertise they have. We have to like and respect what each party brings to the table. It’s the same with every professional you do business with. Each of these professionals will help you build your wealth in a way that reduces risk, improves cycle times, improves cash flow, and reduces stress.
I like rental property because it builds my wealth through the efforts of others. I leverage my real estate professionals to identify and evaluate opportunities. I leverage my contractors to help me evaluate and rehab properties. I collect rent from qualified, working and timely paying tenants that take care of my properties. Will every transaction be stress free? No. I expect 80-90% of the transactions to be stress free, however. If they are not, I need to make a change. Real Estate, as with any other business, requires risk management and oversight. But with the right network of people, everyone can make money.